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Old 03-28-2015, 05:37 PM
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New LLC, Qualified Joint Venture with one spouse on a green card. Tax implications? Also, LLC has an EIN, does that require a 1065?

I’m an independent tax preparer in California with 6 years’ experience. I have just a few (~25) clients (for whom I provide bookkeeping & tax-related services) because I’m a full-time nursing student as well. My newest client is a husband-and-wife qualified joint venture. She is a citizen of Great Britain and has a green card. Their LLC was created in March 2014, and I am tasked with preparing their tax return. They have asked for advice regarding whether or not to elect S-corp status, and also what benefits and drawbacks are relevant for them in determining whether to file a 1065 or 2 Schedule Cs. I feel moderately comfortable answering that question in general, but are there any differences in their outcomes based on the wife’s citizenship status?

Also, the LLC has an EIN that it’s been using for paying employees. Does that require a separate return for the LLC anyway? I know if we file using 2 Schedule Cs, each member must use their own SSN (or ITIN). Where would the LLC’s payroll tax, etc. expenses be deducted if we choose the Schedule Cs?



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